Bio-Techne Co. (NASDAQ:TECH) Receives $73.44 Average Price Target from Analysts

Bio-Techne Co. (NASDAQ:TECH - Get Free Report) has earned a consensus rating of "Hold" from the ten brokerages that are currently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $73.44.

Several brokerages recently weighed in on TECH. Robert W. Baird cut Bio-Techne from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $88.00 to $68.00 in a research note on Wednesday, February 19th. Benchmark decreased their price target on shares of Bio-Techne from $95.00 to $75.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Royal Bank of Canada dropped their price objective on shares of Bio-Techne from $72.00 to $63.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Baird R W downgraded shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Finally, UBS Group dropped their price target on Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, May 9th.

Bio-Techne Price Performance

Shares of Bio-Techne stock traded down $0.87 on Friday, hitting $47.82. 1,138,915 shares of the company traded hands, compared to its average volume of 1,303,287. Bio-Techne has a 12-month low of $46.01 and a 12-month high of $83.62. The firm's 50-day simple moving average is $51.59 and its 200 day simple moving average is $64.14. The company has a market cap of $7.50 billion, a P/E ratio of 48.35, a P/E/G ratio of 2.88 and a beta of 1.46. The company has a current ratio of 3.94, a quick ratio of 2.77 and a debt-to-equity ratio of 0.14.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.05. Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. The firm had revenue of $316.18 million for the quarter, compared to analysts' expectations of $317.92 million. During the same period in the previous year, the firm earned $0.48 earnings per share. The business's revenue was up 4.2% compared to the same quarter last year. Analysts expect that Bio-Techne will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Monday, May 19th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend is Monday, May 19th. Bio-Techne's dividend payout ratio is currently 39.02%.

Bio-Techne declared that its board has authorized a stock buyback program on Wednesday, May 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the biotechnology company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Bio-Techne

Hedge funds have recently modified their holdings of the business. Bradley Foster & Sargent Inc. CT lifted its holdings in Bio-Techne by 1.5% in the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 10,799 shares of the biotechnology company's stock worth $778,000 after purchasing an additional 160 shares in the last quarter. UMB Bank n.a. increased its position in Bio-Techne by 46.4% during the 4th quarter. UMB Bank n.a. now owns 530 shares of the biotechnology company's stock valued at $38,000 after purchasing an additional 168 shares during the period. Verdence Capital Advisors LLC boosted its position in Bio-Techne by 1.5% during the 4th quarter. Verdence Capital Advisors LLC now owns 11,967 shares of the biotechnology company's stock valued at $862,000 after acquiring an additional 173 shares in the last quarter. Fifth Third Bancorp grew its stake in Bio-Techne by 2.3% in the fourth quarter. Fifth Third Bancorp now owns 8,394 shares of the biotechnology company's stock valued at $605,000 after purchasing an additional 189 shares during the last quarter. Finally, State of Michigan Retirement System raised its stake in shares of Bio-Techne by 0.5% during the 4th quarter. State of Michigan Retirement System now owns 43,144 shares of the biotechnology company's stock worth $3,108,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 98.95% of the company's stock.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.